5 ms·
Celsius hiring Akin Gump wasn’t explanation enough?
by heartbreak 4y ago
Celsius hiring Akin Gump wasn’t explanation enough?
- dragontamer 4y agoYou can rest assured that I appropriately warned him. I personally took the Luna/UST situation to talk to him about fake APYs, risks, and why anyone offering more than the risk-free rate (~3% US Bonds) is making some kind of risk (just as the laws of physics prove that perpetual motion doesn't exist, the laws of finance prove that risk-free rates _above_ the risk free rate are non-existent). In any case, Celsius has managed to convince a lot of people that their 10% or 20% APY stablecoins and "staking platform" was risk free. Sometimes, these people need to have their own money burned, before they believe in the potential of risk. ---------- I don't know anything about internet celebrity figures. But I do know a thing or two about risk-free rates and reasonable return rates.
- brokenodometer 4y agoAkin Gump is a large law firm.
- dragontamer 4y agoOh. The timeline is messed up then. Celsius locked everyone's accounts on Monday, _BEFORE_ hiring those bankruptcy law firms. By the time you heard the news of the bankruptcy lawyers, it was already too late. Your funds were locked.